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GASB Issues Guidance on Certain Component Unit Criteria and Section 457 Deferred Compensation Plans
Governmental Accounting Standards Board [GASB] Link to more items from this source
[Guidance Overview]
June 23, 2020

"Prior standards presumed that all Section 457 plans were not pension plans and, therefore, were not subject to pension plan reporting requirements; similarly, benefits provided through Section 457 plans were not reported as pension benefits. Under Statement 97, however, Section 457 plans should be classified as either a pension plan or other employee benefit plan, depending on whether the plan meets the definition of a pension plan. It also clarifies that Statement 84, as amended, should be applied to all arrangements organized under IRC Section 457 to determine whether those arrangements should be reported as fiduciary activities."

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